SP Angel – Today’s Market View, Monday 3rd August 2026

Sulphuric acid squeeze reshapes copper supply as prices halve from peak

MiFID II exempt information – see disclaimer below

Arctic Minerals (ARCT ST) – Hennes Bay Project drilling ongoing with permitting process commenced

Aterian* (ATN LN) – New copper-silver targets defined at Agdz East, Morocco

Bradda Head Lithium (BHL LN) – Whistlejacket surface sampling returns up to 4.24% Li2O

Celsius Resources (CLA LN) – Legal moves against the former Chairman

ECR Minerals (ECR LN) – Target generation focussed exploration at Tuckanarra, WA

First Development Resources (FDR LN) – Initial drilling completed at Lander West, NT

Goldstone Resources (GRL LN) – Homase production update

Kavango Resources* (KAV LN) – Commissioning of new process plant at Hillside gold project

Landore Resources* (LND LN) – Assay data from Lamaune Gold project at Junior Lake shows route to new mineral resource and district-scale corridor

Mila Resources (MILA LN) – Next phase of drilling at Yarrol to test wider extent of mineralisation on the Yarrol fault

Copper – Sulphuric acid squeeze reshapes copper supply as prices halve from peak

• China’s ban on sulphuric acid exports cut cargos to just 980t in June leaving Chile and Indonesia short of acid supply.
• The IEA warns copper’s near-term supply outlook has ‘worsened considerably’ on acid constraints.
• Some producers hold just 30-60 days of acid or sulphur inventory.
• Acid delivered to Chile has still eased to around $175-180/t, from a $380/t April peak.
• Producers are adjusting, with Capstone cutting leach acid use and Kazakhstan’s Balkhash smelter adding supply from 2030.

Capstone Copper has reduced acid use at its Mantoverde copper mine in Chile through the prioritisation of higher-margin sulphide production.

• As a result Capstone do not need to buy any more acid for the rest of the year with H2 volumes covered under an existing contract.
• Question is, will the sulphuric acid supplier be able to honour the contract.
• Capstone also approved the $45m Pyrite Augmentation project in July for the recovery of pyrite from tailings for feed in to the heap leach for the generation of acid.
• The move cuts acid consumption by ~20% from early 2028 and adds another ~3,500tpa of copper cathode.

Nickel – Indonesia clarifies rare earth rules as nickel and tin exports resume

• Indonesia has allowed nickel, tin and other processed mineral exports to resume.
• Pure rare earth exports are banned with the exception of processed minerals with trace content.
• Export checks/reports have stalled shipments across Sulawesi, West Kalimantan and Bangka Belitung.
• The ministry will now draft rules on thresholds and testing, with exports running again for now.

Diamonds – Vietnam’s biggest smuggling scandal shakes its jewellery trade

• Vietnamese police uncovered a network that smuggled over 30,000 stones worth around $57m in two years. (Bloomberg)
• Local labs erased the stones’ GIA serial numbers and issued new certificates claiming higher quality.
• Nearly half the market value of PNJ, the largest listed jeweller, has been wiped out.
• Dozens of shops have closed, with a trade ministry inspection starting in August.

Currencies

US$1.1526/eur vs 1.1517/eur previous. Yen 156.73/$ vs 160.36/$. SAr 16.468/$ vs 16.490/$. $1.346/gbp vs $1.346/gbp 0.703/aud vs 0.703/aud. CNY 6.753/$ vs 6.747/$.

Dollar Index 99.79 vs 100.14 previous.

Economics

US – Equity futures are higher with Brent off nearly 5% as President Trump delays further strikes on Iran on an alleged resumption in peace talks

• Negotiations with Tehran will resume on Monday as US delays the “biggest attack since World War II”, Trump said.
• “We were all set to go but when the allies asked to call it off, you have got to sort of say, well, let’s see,” Trump told reporters.
• Earlier, Iran said that is not holding talks with the US while a potential agreement with Oman regarding a two lane route through the Strait of Hormuz were in final stages.

Japan – The yen continued to strengthen extending its gains to ~5% since the government launched another market intervention

• Today Finance Minister confirmed a joint US-Japan yen buying intervention after the yen hit a nearly 40y low.
• The government reiterated its commitment to not hesitate to take further action if needed.
• This was the first joint intervention since 2011 in the aftermath of the devastating earthquake in eastern Japan.
• US Treasury Scott Bessent said on Sunday he will hesitate to repeat the intervention.
• The US is reported to have provided US$ funds from the FIMA Repo Facility to alleviate any pressure on US bond yields and assist Tokyo, the largest foreign holder of US debt, with US$ liquidity.
• The yen is trading ~156.7 after briefly hitting 155.2.

Germany – Retail sales dropped more than expected in June as higher petrol station sales were offset by weakness elsewhere

• Headline measure was down 1.1%mom with petrol sales up 2.1% while food and non food categories were down 1% and 1.0%, respectively.
• Retail Sales (%mom, Jun / May / Est): -1.1 / 1.2 (revised from 1.1) / -0.3
• Retail Sales (%yoy, Jun / May / Est): 4.6 / -2.8 (revised from 1.8) / 3.1

Precious metals:

Gold US$4,061/oz vs US$4,077/oz previous

Gold ETFs 96.7moz vs 96.7moz previous

Platinum US$1,646/oz vs US$1,638/oz previous

Palladium US$1,285/oz vs US$1,301/oz previous

Silver US$58.0/oz vs US$58.1/oz previous

Silver ETFs 786.9moz vs 787.0moz previous

Rhodium US$8,250/oz vs US$8,250/oz previous

Base metals:

Copper US$13,872/t vs US$13,809/t previous

Aluminium US$3,200/t vs US$3,183/t previous

Nickel US$16,975/t vs US$17,315/t previous

Zinc US$3,691/t vs US$3,605/t previous

Lead US$1,878/t vs US$1,887/t previous

Tin US$55,375/t vs US$55,265/t previous

Energy:

Oil US$82.9/bbl vs US$88.1/bbl previous

• Crude oil prices fell after US President Trump called off a planned attack on Iran over the weekend, citing new peace negotiations that are set to begin on Monday, with officials from Tehran and Oman in the final stages of a potential agreement regarding a two lane route through the Strait of Hormuz.
• OPEC+ approved on Sunday a further 188kb/d production quota increase for September, which completes the planned unwinding of the 3.5mb/d voluntary output cuts introduced in 2023.
• The US Baker Hughes rig count rose 1 to 588 units last week (+48 or +9% y/y), with oil rigs up 1 to 451 units (+41 y/y) and gas rigs flat at 127 units (+3 y/y), as the Gulf of Mexico region added 1 offshore rig this week to 11 units (+1 y/y).

Natural Gas €57.1/MWh vs €57.6/MWh previous

Uranium Futures $86.5/lb vs $86.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$93.8/t vs US$95.8/t

Chinese steel rebar 25mm US$467.2/t vs US$468.2/t

HCC FOB Australia US$215.0/t vs US$226.5/t

Thermal coal swap Australia FOB US$134.3/t vs US$134.0/t

Other:

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$110,759/t vs US$111,165/t

Lithium Carbonate 99% (China) US$20,360/t vs US$20,380/t

China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu

China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu

China Graphite Flake -194 FOB US$390/t vs US$390/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$26.4/kg vs US$26.4/kg

China Ilmenite Concentrate TiO2 US$208/t vs US$208/t

US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t

China Rutile Concentrate 95% TiO2 US$1,162/t vs US$1,164/t

Brazil Potash CFR Granular Spot US$395.0/t vs US$395.0/t

Germanium China 99.99% US$4,095.0/kg vs US$4,095.0/kg

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Europe Molybdenum Oxide 57% US$32.5/lb vs US$32.0/lb

EV & Battery news:

Global EV sales jump 35% qoq in Q2 2026, despite China slump, IEA says

• Global EV sales rebounded sharply in Q2 2026, up 35% qoq and 4% yoy, with over 9m electric cars sold worldwide in H1 and more than 5m in Q2 alone, setting quarterly records in 50 countries, according to the IEA’s Electric Car Markets in a Time of Uncertainty report.
• The rebound followed a weak Q1 driven by slow demand in China and the US, leaving global H1 EV sales roughly 1% below H1 2025, even as overall global car sales fell around 5% yoy over the same period.
• Sales in Brazil, India, Australia, South Korea, and Vietnam roughly doubled between March and June yoy, with over 90 countries recording yoy EV sales growth in H1.
• China’s EV sales are expected to stagnate yoy in 2026 for the first time this decade, with domestic car sales down almost 20% yoy weighing heavily on the global total, even as EVs are set to exceed 60% of Chinese car sales, an all-time high.
• Chinese EV exports in H1 2026 nearly matched the total for all of 2025, as automakers venture further into overseas markets to offset domestic weakness.
• The IEA raised its 2026 global EV sales forecast to 29% of total car sales, up from 28%, citing renewed fuel-price volatility from the Middle East conflict alongside continued policy support in Europe, Latin America, and South-east Asia.

Company news:

Arctic Minerals (ARCT ST) SEK5.0, Mkt Cap SEK237m – Hennes Bay Project drilling ongoing with permitting process commenced

• The Company released a quarterly update on its portfolio of exploration assets in the Nordics (Sweden, Norway, Finland).
• Phase 1 4,000m DD drilling programme launched at the flagship Hennes Bay Copper-Silver Project, Sweden.
• ~2,905m done to end-June with completion targeted for end-August..
• Programme focused on infill drilling of the existing Inferred resource as well as expanding the MRE with step out holes at the Dingelvik prospect.
• Results are expected in coming months.
• Current MRE stands at 55mt 1.0% CuEq (0.8% Cu, 21g/t Ag) at Hennes Bay.
• Target generation programme is ongoing with results from the latest airborne electromagnetics and ground gravity surveys expected in the current quarter.
• A permitting programme has commenced to support an Exploitation Concession application to Swedish Mining Inspectorate (Bergsstaten), targeting submission in late 2027.
• The Company raised SEK40m in April (7.6m at SEK 5.25).

Aterian* (ATN LN) 29.7p, Mkt Cap £5.8m – New copper-silver targets defined at Agdz East, Morocco

• Aterian reports new priority targets at its 100%-owned Agdz project in Morocco.
• Agdz sits in the Eastern Anti-Atlas Copper Belt, with the new work covering the Agdz East permit.
• An independent review of recently completed high-resolution ground magnetic data defined the targets.
• What the review found:
  • Multiple kilometre-scale fault corridors that could carry metal-bearing fluids.
  • Three principal deformation systems define the project’s structural architecture.
  • The best spots sit where northeast structures cross north-trending faults.
  • The corridors line up with mapped quartz veins, alteration, fracture zones and known copper showings.
• The survey area grew by around 140%, expanding exploration coverage.
• The processing used advanced magnetic techniques and folded in regional geology and past structural studies.
• Bou Skour comparison:
  • The structure closely resembles the Bou Skour deposit 17km northeast.
  • Bou Skour holds around 53Mt at 0.8% Cu and 9g/t Ag, validating the exploration model.
• Historic rock samples at Agdz graded up to 3.47% Cu and 136g/t Ag.
• Next steps:
  • Trenching is already underway, with results due before the end of Q3.
  • Detailed structural mapping and systematic rock sampling follow.
  • IP/resistivity geophysics will run over the priority target to support trenching.
  • Lithosquare’s AI-enabled targeting will combine magnetic, hyperspectral and historical datasets to define drill targets.
• A hyperspectral survey is completing and will be folded into the magnetic interpretation.
• Executive Chairman Charles Bray says Agdz has ‘the potential to host a substantial copper-silver mineralised system.

*SP Angel acts as Joint Broker to Aterian

Bradda Head Lithium (BHL LN) 2.4p, Mkt Cap £13.7m – Whistlejacket surface sampling returns up to 4.24% Li2O

• Bradda Head reports strong surface assays from its Whistlejacket in Arizona.
• Assay results:
  • The best sample graded 4.24% Li2O from a pegmatite near the main targets.
  • Of 190 samples, 29 graded above 0.50% Li2O and 15 above 1.50%.
  • Samples also carried elevated tantalum, cesium and rubidium, signs of a fertile lithium system.
  • Iron stayed below 1.0% throughout. Low iron lifts the value of lithium concentrate.
• New targets:
  • Five prospective areas sit outside the 2026 permitted drill programme.
  • One is newly found by Bradda, an 8m wide pegmatite with fresh spodumene.
• New targets:
  • A further 43 samples are in the lab, with results due ahead of drilling.
  • The rig has been mobilising since late July, following the recent fundraise.

• Executive Chair Ian Stalker says the results ‘significantly inform and strengthen our confidence in the targets selected.’

Celsius Resources (CLA LN) 0.25p, Mkt Cap £9.3m – Legal moves against the former Chairman

• In the latest episode in Celsius Resources’ protracted changes to its senior management, the company reports today that it has filed a criminal complaint against the company’s former Chairman, Julito Sarmiento.
• “Celsius alleges” that Mr. Sarmiento has
  • Breached the by-laws of its operating subsidiary, MMCI which is developing the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project located on Luzon approximately 320km north of Manila and the Revised Corporation Code (RCC); and
  • Unlawfully removed “Celsius’ MMCI board representation (which requires the approval of 2/3 of outstanding capital under the RCC)”; and
  • Unlawfully removed “corporate records from MMCI principal office and relocating those records to the office … [his company] … of SL Law”; and
  • “Unlawfully … [restricted] … Celsius’ access to MMCI’s corporate records … [in this particular matter, Celsius Resources has also ] … initiated a complaint with the Philippine Securities and Exchange Commission”.
• Today’s announcement also says that “Celsius has concerns around the conduct of both Attorney Sarmiento and SL Law including with respect to potential contraventions of law, the management of conflicts … breaches of confidentiality and fiduciary duties as well as potential violations of professional responsibility and accountability rules”.
• Celsius Resources confirms that it “remains focused on progressing the financing and development of the MCB Project … [and also that it remains open to discussions with other stakeholders in the project, including] … Kiri, Sodor and PMR”.

Conclusion: Pursuing legal sanctions against the former Chairman carries the risk of diverting focus on developing the MCB copper-gold project located in Luzon although the company reassures that its priorities are project focussed.

ECR Minerals (ECR LN) 0.2p, Mkt Cap £6.7m – Target generation focussed exploration at Tuckanarra, WA

• ECR Minerals reports that it has started reconnaissance mapping and other exploration to identify targets in its Tuckanarra gold project in Western Australia.
• The surface exploration will supplement the continuing work using Deep Ground Penetrating Radar (DGPR).
• Initial work is expected to start this month and will be followed by a second phase in March 2027 to help gather data to “refine geological models, improve understanding of mineralised trends and prioritise future exploration activities”.
• Describing Tuckanarra as “one of the most exciting exploration assets within our expanded Australian gold portfolio … [Chairman, Nick Tulloch said that the planned work] … represents one of the largest reconnaissance mapping and target-generation programmes ever undertaken across the project … to rapidly expand our geological understanding and identify new exploration opportunities”.
• As the work will have access to the “field expertise of … [80 experience] … members of the Australian Prospectors and Leaseholders Association … [Mr. Tulloch said that it] … will be undertaken at no additional direct cost to ECR, allowing us to preserve the funds we raised last year for higher-value follow-up activities such as geophysics, trenching and drilling”.

Conclusion: Target identification exploration at Tuckanarra aims to harness the expertise of the Australian Prospectors and Leaseholders Association.

First Development Resources (FDR LN) 2.35p, Mkt Cap £3.8m – Initial drilling completed at Lander West, NT

• First Development Resources confirms the completion of 1,593m of drilling in eight reverse-circulation (RC) holes of its initial Phase drilling campaign at its Lander West property in the Northern Territory, Australia.
• The Phase 1 work tested “geophysical and geological targets identified through airborne magnetic geophysical surveys, Gradient Array Induced Polarisation (“GAIP”) geophysics and surface geochemistry”.
• “Six drill holes tested coincident magnetic, chargeability and geochemical anomalies associated with interpreted structural features in the southern part of the prospect … [intersecting] … multiple pegmatite intervals together with abundant quartz veining, alteration and a range of metasedimentary and mafic lithologies”.
• Today’s announcement says that “the source of the southern magnetic anomaly has not yet been conclusively identified”.
• “Two drill holes tested a separate magnetic anomaly in the northern part of the Lander West Prospect … [and intersected] … metasedimentary and mafic rocks, including localised sulphide-bearing intervals … [which] … may provide a potential explanation for the northern magnetic anomaly”.
• The announcement also explains that the programme included collection of “243 rock-chip samples collected as part of an extensive geological mapping and reconnaissance programme”.
• Explaining that assay results from the programme “remain outstanding … [CEO, Tristan Pottas, said ] … the programme has significantly improved our understanding of the project’s geology and provided a much stronger framework from which to plan future exploration once assay results are received”.
• “Assay results from both the RC drilling and rock-chip sampling will be integrated with the geological observations and geophysical datasets to refine the geological model and determine priorities for the next stage of exploration”

Goldstone Resources (GRL LN) 0.7p, Mkt Cap £9m – Homase production update

• The Company released an operational update for the Homase Gold Mine, Ghana.
• A 2,000m RC infill and mine planning programming launched at Pits 5 and 6.
• The programme aimed at defining the near surface oxide material for heap leaching operations.
• 1H26 production totalled 1.2koz affected by the rainy season (typically Mar-Sep).
• The team launched a series of operational improvements at the processing plant.
• The Company is upgrading the solution channels and piping system, changing pumps and considering an expansion to the adsorption circuit.
• Mining of oxides continued in Pit 3 with stacking of agglomerated ore at Pit 6 launched in May.
• Planned earthworks are on-going for the further extension to Pad 6.

Kavango Resources* (KAV LN) 0.78p, Mkt Cap £35m – Commissioning of new process plant at Hillside gold project

• Kavango Resources report the commissioning of a 50t/d gold process plant at Hillside in Zimbabwe.
• The plant is processing of feedstock from Hillside started on 1 July using stockpiled and freshly milled gold-bearing sands.
• Capacity utilisation average 69% (34.5t/d) in the 10 days towards the end of July.
• “Material now being processed through the crushing, milling, gravity concentration and carbon-in-leach (“CIL”) circuit.”
• Kavango have also installed an on-site laboratory to support plant optimisation, mining and exploration.
• The proof-of-concept plant will support the development of the mine at Hillside toward larger-scale commercial production.
• The Bill’s Luck underground mine at Hillside has a JORC-MRE of 33,900oz gold at 2.68g/t with recovery rates expected at 90-93%.
• Kavango will now start blending run-of-mine ore into the process feed.
• The process plant will hopefully confirm metallurgical recoveries alongside Kavango’s capacity to design, build and operate a modern gold processing facility in Zimbabwe.
• We expect other, nearby prospects on the Hillside license area to meaningfully contribute to operation in time.
• Hillside gold properties host a total MRE of 52,900oz of gold within the Filabusi Greenstone Belt.
  • Nara hosts a JORC M&I resource ~300kt grading 0.62g/t for ~6,000oz of gold at two tailings dumps.
    • The Nara project hosts a number of newly identified gold-bearing structures within a ~200m wide network of connected shear-hosted, gold-bearing quartz veins.
  • Nightshift hosts 19,000oz with multiple shallow, gold-bearing shear zones which are largely unmined in fresh rock.
  • Steenbok: historic workings with a high-grade underground target.
  • Prospect 4: potential for both high-grade, narrow vein underground mining and larger-scale open-pit target

Conclusion:  The commissioning of the proof-of-concept process plant is a meaningful step towards the future development of the Hillside gold projects.

We are confident that future exploration and drilling campaigns will show meaningful potential for future gold definition on the properties.

* SP Angel acts as Broker to Kavango and an analyst has visited the Kavango mine sites and holds shares in the company.

Landore Resources* (LND LN) 1.77p, Mkt Cap £6.6m – Assay data from Lamaune Gold project at Junior Lake shows route to new mineral resource and district-scale corridor

(Landore holds 100% of the Junior Lake Property including the BAM deposit, Lamaune prospect, Toronto Lake prospect and Willett Lake prospect)

• Landore Resources report
• Lamaune Gold Results Confirmed and Defined
• Just 8.5 km from Landore’s BAM gold project in Ontario, Canada which hosts a mineral resource o 622,000oz Indicated and 33,700oz Inferred.
• Results from historic drilling in 2009 and 2010 define the gold system ‘clearly enough’ for Landore to progress towards a mineral resource estimate on the property.
• The team compiled:
  • 8,919 gold assays from 107 drill holes and >11,220m of drill core.
  • 118.7 g/t gold – best result in drill hole ‘1110-88’
  • >20 g/t gold seen in five drill holes
  • >1 g/t Au in 101 samples
• Sampling shows a strongly zoned and mappable target extending previous findings at Lamaune.
• The team at Landore see the prospects within the Junior Lake area as representing a district-scale gold opportunity.
• Management reckon their systematic compilation of the 9,000 assays and other data points show a clear and consistent picture with the Lamaune prospect hosting a genuine, robust gold system and not a series of isolated, one-off hits.
• “Crucially, the gold is not scattered randomly. When the assays are grouped by grade, background below 100 ppb, an anomalous tier from 100-300 ppb, a cut-off tier from 300-1,000 ppb, and high-grade above 1,000 ppb (1 g/t), the values define clear, coherent tiers, climbing sharply from background rock into a distinct high-grade population. This predictability is precisely what is needed to move a project from “exploration target” towards a formal resource estimate.”
• See RNS for charts and summary on gold assays

Conclusion: The Board believes these results show a clear path to a second resource and the development of a second gold resource at Junior Lake under CIM NI 43-101 standards.

*SP Angel as Nomad and Broker to Landore

Mila Resources (MILA LN) 1.13p, Mkt Cap £8.1m – Next phase of drilling at Yarrol to test wider extent of mineralisation on the Yarrol fault

• Mila Resources reports that planning for the next phase of drilling at its Yarrol gold project in Queensland is underway.
• The company says that target generation will incorporate the ~5,000m of drilling completed so far as well as “an extensive review of historical exploration data and comprehensive geological studies” and will incorporate “machine learning … to support the technical team across the Yarrol Project”.
• The next stage of drilling is expected to comprise around 1.400m and “Alastair Goodship, Chief Operating Officer, is currently on site to oversee final target selection, drill preparations and commencement of the … funded programme”.
• The team aims to use models developed to date to “delineate multiple targets beyond the 1 km of strike already tested and realise potential for more mineralised bodies to be found along the 20 km … [Yarrol] … fault … beyond the established mineral resource area”.
• Today’s announcement explains that its “drilling, geological mapping, geochemical interpretation and geophysical analysis … [has helped develop] … an increasingly robust geological model defining the structural controls on mineralisation and the relationships between lithology, alteration, geochemistry and gold distribution”.
• Mila Resources’ “Q1 2026 drilling programme confirmed the continuity of mineralisation and its extensions to greater depths, with several drill holes intersecting multiple gold-bearing zones that collectively define broad mineralised corridors”.
• Executive Director, Mark Stephensn, welcomed the “successful application of … [London-based] … MINML’s AI-integrated geoscience platform … [as an] … important step in advancing our understanding of the Yarrol gold system”.
• He said that the improved understanding of the mineralisation “will be used to delineate multiple targets beyond the 1km of strike already tested and realise potential for more mineralised bodies to be found along the 20km fault”.
• He also said that the “recent drilling has strengthened our confidence not only in the continuity of the existing mineralisation, but also in the scale of the wider system … [which] … we believe is emerging as a significant gold system”.

Conclusion: Building on earlier phases of drilling testing a 1km strike length, the next stage aims to test further along the 20km long Yarrol fault.

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Analysts

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note

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